oil oil oil please, page-73

Well well well (pardon the pun),

I must say that I'm a bit dissappointed, but definitely not despondant.

Simple maths show that Mali at $800K / mth (and this is only the seismic stage, and Carab I am taking your sms and post as gospel here) would drain any cash reserves BKP had / have rather quickly. But Add costs for drilling. Then add Mauritania, and it becomes clear that the new direction taken by BKP was born out of necessity. My heart doesn't like it, but my head does.

I would dearly hope that BKP could maintain a minority position (eg: 5%) in Africa, but this may be wishful thinking. MF indicated 1 week ago (in BRR) the African assets may not be there much longer, but release on Fri clearly indicates Farm Down (yes, which still could be 100%!).

One certainty is that BKP must find more oil in Colombia. They must increase cash flow. LP2 will be positive start. Would love to see an exploration well or two hit the money also.

In Colombia in the short term it appears possible that BKP could have 1000 bbls / day production, and that is nothing to sneaze at with oil prices where they are. That would put them at, say, 10% equivalent to somebody like ROC (cap = $562M). So that alone would equate to about 15c / share.

There is upside from there.

I did buy into BKP for its substantial West African exposure, but would be very careful about selling out just because the goal posts have changed. Lets have a look at the new field(s), and make decisions based upon opportunity from here, rather than opportunity that we thought was there 2 years ago.

For me, the proverbial fat lady is still far from singing like some are suggesting.

Regards

K.